NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 55,150-square-foot office building located at 62 W. 45th St. in Midtown Manhattan. Built in 1911, the 12-story building features a dozen office suites and one retail space. Aaron Jungreis and Ben Khakshoor of Rosewood represented the seller, Renaissance Properties, in the transaction. LSI Advisors represented the buyer, IT consulting firm Stellar Services, which plans to occupy the entirety of the building.
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Portman Holdings, Harrison Street Recapitalize Coda Mixed-Use Tower in Atlanta’s Tech Square
by John Nelson
ATLANTA — Locally based development firm Portman Holdings has formed a joint venture with Chicago-based alternative real estate asset management firm Harrison Street to recapitalize Coda, a 664,000-square-foot mixed-use tower located at 756 W. Peachtree St. in Atlanta’s Technology Square. As part of the partnership, Harrison Street is purchasing a stake in the tower, which Portman delivered in 2019 adjacent to the Georgia Tech campus, from the Atlanta-based company for an undisclosed amount. Comprising educational, research, office and retail space, Coda serves more than 700 Georgia Tech faculty, staff and researchers, as well as tech firms including Cisco, AutoDesk and Keysight Technologies. The asset was 98 percent leased at the time of the recapitalization and features an onsite data center that is owned and operated by DataBank, as well as the Collective Food Hall.
NAI Earle Furman Brokers Sale of 25-Story Landmark Office Tower in Downtown Greenville
by John Nelson
GREENVILLE, S.C. — NAI Earle Furman has brokered the sale of the Landmark Building, a 25-story office tower located at 301 N. Main St. in downtown Greenville. Built in 1966, the property spans 331,000 square feet and is the tallest building in the city. A locally based investment group managed by CAPA Management purchased the tower from a Columbia, S.C.-based entity doing business as Tower on Main LLC. The sales price was not disclosed. Keith Jones, McNeil Epps, Jake Van Gieson and Gaston Albergotti of NAI Earle Furman represented the buyer in the transaction. The locally based brokerage and services firm has also been retained to manage and lease the building. First Reliance Bank provided an undisclosed amount of acquisition financing for the deal. The buyer plans to make immediate capital improvements to the tower.
DALLAS — JLL has negotiated the sale of a portfolio of 19 industrial buildings totaling 764,156 square feet. The buildings are located in various cities throughout the Dallas-Fort Worth metroplex. At the time of sale, the portfolio was 96 percent leased to 29 tenants with an average remaining lease term of 4.3 years. Stephen Bailey, Dustin Volz, Dom Espinosa, Wells Waller, Pauli Kerr and Cole Sutter of JLL represented the seller, Dallas-based investment firm MoxieBridge, in the transaction. Arden Logistics Park, the industrial investment arm of Philadelphia-based Arden Group, acquired the portfolio in partnership with global investment management firm Arcapita.
CORPUS CHRISTI, TEXAS — The residential branch of Thompson Thrift, a development and investment firm with offices in Indiana, Phoenix and Houston, has sold The Retreat, a 324-unit apartment community in Corpus Christi. Developed in 2017, the community comprises 14 three-story buildings with one-, two- and three-bedroom units. Residences feature granite countertops, full-sized washers and dryers, private balconies and detached garages. Amenities include a pool, fitness center, clubhouse, technology center, movie lounge, gaming den, a bark park and a package handling system. Kelly Witherspoon, Justin Cole and Adam Sumrall of Berkadia brokered the sale. The buyer and sales price were not disclosed. The Retreat was 96 percent occupied at the time of sale.
EAST PEORIA, ILL. — Marcus & Millichap has arranged the sale of Community Plaza in East Peoria for $4.9 million. The 46,257-square-foot retail center is located at 210-250 S. Main St. National tenants occupy more than 80 percent of the gross leasable area. Dominic Sulo of Marcus & Millichap represented the seller, a partnership. Richard Kozarits and Peter Spear of Marcus & Millichap represented the buyer, a Chicago-based 1031 exchange investor. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. secured acquisition financing.
SCOTTSDALE, ARIZ. — North Dakota-based Edgewood Real Estate Investment Trust has purchased two office properties in Scottsdale from Wentworth Property Co. and Northwood Investors for $85 million. Barry Gabel and Chris Marchildon of CBRE represented the sellers in the transaction. Developed in 2008 and 2009, Terra Verde I and Tower at Scottsdale Landing, located at 16767 N. Perimeter Drive and 8660 E. Hartford Drive, total 269,064 square feet. The two Class A properties are 92 percent leased to a variety of tenants, including Pulte Homes, BOK Financial, Annexus Management, Sagicor Life Insurance and Pulice Construction. The office buildings offer recent capital improvements, high-end tenant finishes, garage parking, building storage and Loop 101 Freeway exposure. Both properties are located within the 260-acre, master-planned Perimeter Center Business Park.
STUART, FLA. — RK Centers has purchased Pineapple Commons, a 256,000-square-foot open-air shopping center located at 2502 N.W. Federal Highway in Stuart, a coastal city about 40 miles north of West Palm Beach. Kimco Realty sold the property to RK Centers for $48.5 million. Dennis Carson of CBRE represented Kimco in the transaction. Built in 2005, Pineapple Commons’ tenant roster includes City Furniture, Ashley Furniture, Best Buy, Ross Dress for Less, Ulta Beauty, PetSmart, Marshalls, Shoe Carnival, Starbucks, Chipotle and 15 other dining, service and specialty retail shops.
HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Del Mar Apartments, a 544-unit multifamily community in Houston’s Edgebrook neighborhood. Built in 1972, the property offers one-, two- and three-bedroom units that are furnished with built-in bookshelves, passthrough kitchen bars and individual washers and dryers. Amenities include three pools and a fitness center. Jim Hurd of Houston Income Properties represented Three Pillars Capital, which plans to implement a capital improvement program, in the deal. Houston-based First Choice Management sold the property for an undisclosed price.
PHOENIX — Phoenix-based Refrigeration Supplies Distributor has purchased a freestanding industrial property, located at 3935 W. Adams St. in Phoenix. BECMED LLC sold the asset for $7.2 million in an off-market transaction. Michael Kitlica and Jason Ward of Cushman & Wakefield represented the buyer in the transaction. The 40,794-square-foot building features 24-foot clear heights, dock-high loading and a secured, fenced yard.